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860 Vestal Rd 86,687 SF Health Care Building Offered at $1,594,000 in Vestal Township, NY 13850
INVESTMENT HIGHLIGHTS
- Projected NOI: $2.42M (post-renovation)
- High-Yield Metrics: 151.65% cap rate | 10.10% Year 1 CoC return (post-renovation)
- Strong Market: Household incomes 44% above Broome County average
- Estimated Market Value: $40.4M (post-renovation)
- Low cost basis: $12,492 per unit | $18/SF
- Visible Location: Seen from Route 26 Bridge with 15-min access to entire Binghamton MSA
EXECUTIVE SUMMARY
With approved plans for a 128-unit 55+ community, this project includes the expansion of the existing 86,867 SF structure to a total of approximately 135,597 SF. The 5.06-acre parcel offers over 530 feet of road frontage on Old Vestal Road and exceptional connectivity—just minutes from I-86, State Route 434, and State Route 26.
Strategically positioned in a high-income area where household incomes exceed the Broome County average by 44%, the site supports strong demand for quality senior housing. At a proposed sale price of $1,599,000 and an estimated stabilized market value (post-renovation) exceeding $40 million, this opportunity offers immediate equity, favorable pricing, and a compelling 18-month development timeline.
Household incomes in Vestal exceed the Broome County average by 44%, and family incomes are 35% higher, underscoring the area’s strong market potential. The project offers immediate equity at the asking price, with an estimated end market value of $40,415,416 and a projected completion timeline of 18 months.
Location Description
An Ideal location for many types of housing. This is visible from the Route 26 Bridge from Vestal to Endicott. On the Vestal side. Fast and easy access to the I86, I81 and State Route 434 interchanges. This location is a 15 minute drive time to the entire Binghamton MSA.
Strategically positioned in a high-income area where household incomes exceed the Broome County average by 44%, the site supports strong demand for quality senior housing. At a proposed sale price of $1,599,000 and an estimated stabilized market value (post-renovation) exceeding $40 million, this opportunity offers immediate equity, favorable pricing, and a compelling 18-month development timeline.
Household incomes in Vestal exceed the Broome County average by 44%, and family incomes are 35% higher, underscoring the area’s strong market potential. The project offers immediate equity at the asking price, with an estimated end market value of $40,415,416 and a projected completion timeline of 18 months.
Location Description
An Ideal location for many types of housing. This is visible from the Route 26 Bridge from Vestal to Endicott. On the Vestal side. Fast and easy access to the I86, I81 and State Route 434 interchanges. This location is a 15 minute drive time to the entire Binghamton MSA.
PROPERTY FACTS
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PROPERTY TAXES
| Parcel Number | 034800-157-058-0002-006-000-0000 | Improvements Assessment | $50,000 |
| Land Assessment | $150,000 | Total Assessment | $200,000 |
PROPERTY TAXES
Parcel Number
034800-157-058-0002-006-000-0000
Land Assessment
$150,000
Improvements Assessment
$50,000
Total Assessment
$200,000
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860 Vestal Rd
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